Small Business Survival Conversations

Join hosts Anna Steinfest and Michael Troyer in this episode of Small Business Survival Conversations, titled "Understanding Profit: Types and Strategies." Delving into the intricacies of profit management, Anna and Michael provide a comprehensive guide to help small business owners navigate the complexities of profitability.

Beginning with an exploration of gross profit, listeners will learn how to calculate and optimize their revenue minus the cost of goods sold, laying a solid foundation for understanding business profitability. Moving on to operating profit, Anna and Michael discuss the importance of controlling operating expenses to improve the bottom line, offering practical strategies for effective cost management.

The discussion then shifts to net profit, the ultimate measure of a business's profitability, and strategies for maximizing it, including pricing strategies, cost-cutting measures, and revenue diversification. Additionally, listeners will gain insights into key profitability ratios and benchmarks, empowering them to assess their business's financial health and make informed decisions.

Through real-life examples and expert insights, Anna and Michael demystify profit management, providing actionable tips and guidance to help small business owners optimize their profits and drive sustainable growth. Whether you're a seasoned entrepreneur or just starting your business journey, this episode equips you with the knowledge and tools needed to thrive in today's competitive landscape.

Tune in to Small Business Survival Conversations and embark on a journey to unlock the secrets of profit optimization for your business success.

Hashtags: #SmallBusiness #ProfitManagement #BusinessSuccess #Entrepreneurship #FinancialHealth #GrowthStrategies #BusinessTips #SustainableGrowth

In this episode of Small Business Survival Conversations, co-hosts Anna Steinfest and Michael Troyer sit down with Barb LaMue, a seasoned economic development and entrepreneurship expert. With a rich background in fostering innovation and growth, Barb shares invaluable insights and strategies for small businesses aiming to thrive in today's dynamic landscape.

Drawing from her extensive experience, Barb delves into various topics crucial for small business success. She discusses navigating economic challenges, fostering innovation, building strategic partnerships, and nurturing professional networks. Additionally, she provides practical advice on attracting and retaining top talent, integrating sustainability practices, and effectively leveraging emerging technologies.

Barb highlights the unique opportunities and challenges facing small businesses in rural areas, shedding light on initiatives like TitleTown Tech, a collaborative effort between the Green Bay Packers and Microsoft aimed at driving innovation in The New North region. She emphasizes the importance of understanding local economic dynamics and trends while positioning entrepreneurs to capitalize on future developments.

This episode offers a wealth of knowledge for entrepreneurs and economic development professionals alike, from actionable tips to avoid common pitfalls to foresight on upcoming trends shaping the small business landscape. Join us as we explore how small businesses can thrive and grow in today's competitive environment.

For more information on Barb LaMue and her work in economic development, visit Barb LaMue's bio. Explore TitleTown Tech's innovation hub in collaboration with the Green Bay Packers and Microsoft in The New North region at thenewnorth.com.

Tune in for insightful discussions and actionable advice tailored to small businesses growth and success. #SmallBusiness #EconomicDevelopment #Innovation #Entrepreneurship #Sustainability #Networking #Technology #RuralBusiness #SmallBizSuccess

In this episode of Small Business Survival Conversations, hosts Anna Steinfest and Michael Troyer delve into the vital topic of Smart Leadership (and Ownership) in the Age of AI. Shedding traditional hierarchical structures, they advocate for a hands-on approach where leaders immerse themselves in the trenches alongside their team members.

The conversation emphasizes the importance of first seeing employees as individuals, fostering a trust and communication culture. Anna and Michael highlight the significance of empowering employees, allowing them to learn and teach, ultimately fostering a collaborative environment where everyone feels valued and engaged.

Listeners will gain insights into effective communication strategies, understanding that clarity and transparency are key to building strong teams. Celebrating accomplishments and providing meaningful feedback are also explored as essential elements in nurturing employee growth and retention.

Tune in to discover practical tips and strategies for redefining leadership in the modern business landscape, attracting small business owners seeking actionable insights to thrive in the digital age.

#SmartLeadership #SmallBusinessSurvival #AIinBusiness #EmployeeEmpowerment #CommunicationStrategies #LeadershipTips #BusinessPodcast #EmployeeRecognition #FeedbackCulture

In our latest episode, hosts Michael Troyer and Anna Steinfest dive deep into the crucial topic of "Small Business Financial Mastery: Navigate Your Path to Success!" Discover the indispensable role of financial indicators and why they are the cornerstone of every successful small business.

Why Are Financial Indicators Important?
Financial indicators serve as your small business's dashboard, providing real-time insights to drive informed decision-making. They offer a comprehensive view of your business's health, enabling you to identify trends, mitigate risks, and ensure long-term sustainability.

What Are the Four Types of Financial Indicators?

1. Growth Indicators: Monitor changes in sales, revenue, and expenses to gauge your business's expansion trajectory.
2. Profitability Indicators: Assess whether your business is generating profits and track profit trends over time.
3. Liquidity Indicators: Ensure your business can meet both expected and unexpected financial obligations, such as payroll and equipment repairs.
4. Leverage Indicators: Strike the right balance between utilizing debt for growth and managing cash flow effectively.

Know Your Numbers!
Stay on top of your small business's financial metrics using tools like bookkeeping services and AI-driven solutions. Understanding the underlying drivers of your financial performance empowers you to make strategic adjustments and optimize your business operations for success.

Why Listen?
Whether you're a seasoned small business owner or just starting your entrepreneurial journey, mastering your financial world is non-negotiable. Tune in to gain actionable insights that will propel your small business forward and ensure its resilience in today's competitive landscape.

Key Takeaways:

• Empower your decision-making with real-time financial data.
• Utilize growth, profitability, liquidity, and leverage indicators to drive business success.
• Leverage technology and expertise to stay ahead of the curve.
• Understand the root causes behind your financial metrics and take proactive steps to optimize performance.

Don't Miss Out! Subscribe now to Small Business Survival Conversations for more invaluable tips and insights to thrive in the ever-evolving world of small business entrepreneurship.

#SmallBusiness #FinancialIndicators #Entrepreneurship #BusinessSuccess #Podcast #SmallBizTips #FinancialManagement #BusinessGrowth #Profitability #Liquidity #SEO

In this episode of Small Business Survival Conversations, join us as we delve into the world of artificial intelligence and its transformative impact on small businesses. Discover how embracing AI tools like ChatGPT can revolutionize your marketing strategies, boost efficiency, and drive success in today's competitive landscape. Learn the essential ingredients and step-by-step recipe for effectively communicating with ChatGPT, from defining clear objectives to refining AI-generated outputs. Our expert guests, Anna Steinfest and Michael Troyer, share invaluable insights and practical tips for integrating AI seamlessly into your small business operations. Tune in to unlock the secrets of leveraging AI and propel your small business to new heights of success!

In this episode of Small Business Survival Conversations, join hosts Michael and Anna as they delve into the world of Artificial Intelligence (AI) and its relevance for small business owners. They break down the different types of AI - Analytic, Predictive, Generative, and Intelligent - to demystify what each means for your business.

With AI evolving rapidly, Michael and Anna discuss whether small business owners should be concerned or interested in adopting this technology. They emphasize that AI isn't here to replace us but rather to work alongside us as a reliable assistant that learns and improves over time. From streamlining processes to enhancing quality, AI offers a myriad of benefits that can empower small businesses to thrive in today's competitive landscape.

But how should small business owners approach AI? Michael and Anna suggest tackling it on a daily basis, focusing on the problem at hand rather than the AI application itself. By integrating AI, where it adds value, businesses can experience increased efficiency and effectiveness in their operations.

Looking ahead, the hosts explore AI's future implications for small businesses, from sorting and writing to managing and predicting. As AI becomes increasingly integral to various aspects of business operations, staying informed and engaged in the AI space is crucial for long-term success.

Tune in to discover practical insights and strategies for embracing AI as a small business owner and learn how it can revolutionize the way you work and thrive in the digital age.

Keywords: small business survival, AI technology, analytic AI, predictive AI, generative AI, intelligent AI, small business owners, technology adoption, efficiency, quality improvement, business operations, future implications, AI integration, digital age.

In this episode of "Small Business Survival Conversations," co-hosts Michael Troyer and Anna Steinfest delve into the crucial topic of decision-making for small business owners. Together, they guide you through a thought-provoking exploration of how to approach decisions when faced with critical issues in your business.

Join this dynamic duo as they explore questions such as: What options are available to you when tackling a problem? How can you assess the factors and information necessary to make informed choices? We'll also examine the importance of uncovering your assumptions about each option and evaluating potential outcomes.

Through candid discussions and practical insights, Michael and Anna help you understand the emotional aspect of decision-making. How might you feel when considering each choice? What if your chosen path doesn't yield the desired results?

Whether you're a seasoned entrepreneur or just starting your journey, this episode equips you with the tools and mindset needed to navigate the complexities of decision-making in the world of small business. Tune in and unlock the power of decision for your business's survival and success.

Join Michael Troyer and Anna Steinfest in this insightful episode as they delve into the labyrinth of procrastination and unveil five effective hacks to conquer it. Procrastination, often a silent adversary, stealthily sabotages our productivity by luring us away from tasks that demand our attention. However, armed with these hacks, you can emerge victorious in your battle against procrastination.

They explore how tasks, especially daunting ones, trigger a cascade of emotions ranging from self-doubt to anxiety, culminating in our evasion tactics. But fear not! Michael and Anna unveil a strategic approach to outmaneuver procrastination.

First on the list is Detailing, a method where breaking down tasks into bite-sized chunks alleviates the overwhelming nature of projects. By committing to just the first two tasks, you kickstart momentum and chip away at the inertia holding you back.

Next, they advocate for Taking the Easy Route, emphasizing the importance of momentum. By tackling simpler tasks unrelated to the main project, you harness the energy needed to confront the elephant in the room head-on.

Ever heard of Eating the Worm First? Michael and Anna advocate confronting the most dreaded task right at the outset of your day, sweetening the deal with a rewarding incentive once it's conquered.

Their advice doesn't stop there. Set the Timer encourages dedicating a solid 30 minutes to the task at hand daily until it's vanquished, employing the clock as a tool to manage time and motivation effectively.

Lastly, Leading and Following suggests starting with unrelated activities like meditation or exercise to clear the mind before diving into the task. By adhering to this ritual, you seamlessly transition from preparation to productivity.

The episode concludes with a poignant question: What is your elephant in the room? Michael and Anna urge listeners to identify persistent tasks on their to-do lists, signaling a call to action. It's time to widen the door of your room or find the seasoning that makes that "long, brown, slithery thing" more palatable.

Tune in to this episode for actionable strategies and insights that will empower you to conquer procrastination and reclaim your productivity today!

In this exciting episode of Small Business Survival Conversations, join hosts Dr. Michael Troyer and Anna Steinfest as they uncover the often-overlooked secrets to scaling up your business effortlessly. Drawing from years of experience and expertise, they unveil three crucial strategies that are essential for sustainable growth.
Firstly, they delve into the importance of setting a balanced growth pace. Discover how finding the sweet spot between rapid expansion and stagnation can optimize your business's performance. Dr. Troyer and Anna emphasize aligning your growth rate with your team's capabilities and infrastructure capacity to ensure smooth sailing amidst increasing sales and revenue.
Next, the duo explores the significance of creating a clear vision for your business. Learn how to craft a vision that is both inspiring and actionable, propelling your team forward with enthusiasm and purpose. Dr. Troyer and Anna provide insights into developing measurable goals for short-term wins and long-term success, fostering alignment and focus within your organization.
Finally, they uncover the secret of reinvesting your business for sustained growth. Discover why consistently channeling profits back into your company is crucial for maintaining momentum and weathering unforeseen challenges. Dr. Troyer and Anna stress the importance of prioritizing steady cash flow and building reserves to navigate uncertainties and seize new opportunities.
Tune in to this enlightening episode of Small Business Survival Conversations to unlock the hidden secrets of scaling up your business effortlessly. Whether you're a seasoned entrepreneur or just starting, these invaluable insights will revolutionize your approach to growth and propel your business to new heights.

In this episode of Small Business Survival Conversation, hosts Anna Steinfest and Michael Troyer dive deep into the world of small business support and certification with their esteemed guest, Jessie Leonard. Jessie Leonard, Director of Established Business Program and Services at the Women's Business Development Center (WBDC) in Milwaukee, brings over two decades of experience in diversity practice, administrative management, and human resources to the table.

Throughout the episode, Jessie shares invaluable insights into the importance of certification and the plethora of support services offered by the WBDC to women business owners. With a Bachelor's degree in Communications and certifications in Project Management, Human Resource Management, and Supplier Diversity, Jessie is well-equipped to guide entrepreneurs through the certification process and beyond.

Listeners will discover the significance of becoming a certified Women Business Enterprise (WBE) and the doors it can open for procurement opportunities with corporate partners. From navigating the certification application to leveraging WBDC's extensive network and resources, Jessie outlines the steps necessary for small businesses to thrive in today's competitive landscape.

Whether you're a budding entrepreneur seeking certification or an established business owner looking to expand your network, this episode provides practical advice and inspiration. Tune in to learn how the Women's Business Development Center empowers women in business and fosters economic growth.

To learn more about the WBDC and connect with Jessie Leonard, visit their website at www.WBDC.org or reach out directly at 414-395-4564 or via email at [email protected]. Don't miss this enlightening conversation on navigating the path to small business success!